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Services growth continues slows in July

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Services growth continues slows in July

Further signs of a struggling economy.

Economic activity in the services sector grew in July for the 78rd consecutive month, but the rate of growth cooled again, according to the latest survey by the Institute for Supply Chain Management.

The Non-Manufacturing Index (NMI) registered 55.5% in July, down 1 percentage point from June’s 56.5.  

“The majority of the respondents' comments reflect stability and continued growth for their respective companies and a positive outlook on the economy."

The Non-Manufacturing Business Activity Index also decreased, falling from 59.5% in June to 59.3%.

The New Orders Index registered 60.3%, 0.4 percentage point higher than the reading of 59.9% registered in June.

The Employment Index decreased 1.3 percentage points to 51.4%, while the Prices Index decreased a whopping 3.6 percentage points from the June reading of 55.5% to 51.9%, indicating prices increased in July for the fourth consecutive month, but at a lower rate. 

According to Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee, “the majority of the respondents' comments reflect stability and continued growth for their respective companies and a positive outlook on the economy."

 

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